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A probate sale is the process executed at a county court where the executor for the estate of a deceased person sells property from the estate (typically real estate) in order to divide the property among the beneficiaries. There is a personal representative of the estate who will determine if the real estate is going to be sold.
In Virginia, they ensure privacy and avoid probate delays and the probate tax. But trusts cost $1,000 or more in legal fees. You will still need a pour-over will naming the trust as beneficiary.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
The probate court will then oversee the process of distributing the deceased's assets to the proper beneficiaries. A probate court can be petitioned by interested parties in an estate, such as when a beneficiary feels that an estate is being mishandled. The court has the authority to compel an executor to give an account of their actions.
Probating an estate is an expensive, time-consuming and sometimes adversarial affair. It is possible, and sometimes advisable, to avoid probate. With the help of an estate planner and, perhaps, an ...
The probate process ensures that assets go where they should but can take over a year and incur fees. Virginia's process can be particularly long and costly and […]
Probate of Wills and Administration: Procedural rules for the probate process 4 Foreign Personal Representatives and Ancillary Administration: Rules governing personal representatives outside the decedent's domiciliary state 5 Protection of Persons under Disability and their Property: Power of attorney and rules for guardianship of minors and ...
Virginia, like the majority of U.S. states, doesn’t charge a state inheritance or estate tax. It does enforce the rare probate tax, though, should your estate need to go through that process. If ...
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